The Thai stock market in 2024 has been a mixed bag, with some challenges and some signs of potential recovery. Still, compared to other markets in Asia and ASEAN, the Stock Exchange of Thailand (SET) has struggled in 2024, with lagging performance indicators and low trading volumes.
Despite the volatility, there were several key events in the market that rocked the sentiment in both good and bad ways.
1) GULF and INTUCH Merger
The biggest deal this year would be between Gulf Energy Development Public Company Limited (SET: GULF) and Intouch Holdings Public Company Limited (SET: INTUCH) that would have a combined market capitalization of over one trillion baht.
The merger aims to optimize the restructuring of the involved companies for maximum management efficiency and future investment. The combination of GULF and INTUCH will dissolve both original entities as separate legal entities and form a new merged company, which will hold the status of a public company (NewCo). It is anticipated that NewCo will be established by April 2025. This merger will enhance business agility, as well as increase future revenues and profits.
2) CPAXT’s Investment in the Happitat
On December 16, 2024, shares of CP Axtra Public Company Limited (SET: CAPXT) fell sharply by 18.71% amid exceptionally high trading volume. Investor concerns mounted over CPAXT’s surging debt, following the establishment of its direct subsidiary to invest in the Happitat at The Forestias Co., Ltd.. The deal was completed on December 13, 2024, requiring CPAXT to pay approximately 7,970 million baht in cash for the newly issued shares of AGP.
Sompong Rungnirattisai, CEO of CPAXT, clarified that the company is investing in “The Happitat” project, aimed at creating a community hub, and is not investing in the mixed-use development project, The Forestias.
On December 24, 2024, the Association of Investment Management Companies (AIMC) convened with representatives from 24 asset management companies to discuss CPAXT’s transparency and business plan. The meeting concluded that ESG and CG funds will cautiously monitor (Watch Listed) investments in this project until a final decision is made by the Securities and Exchange Commission (SEC).
3) Thai Oil’s Injection in CFP
The Clean Fuel Project (CFP) by Thai Oil Public Company Limited (SET: TOP) has become a major story following protests by subcontractors associated with the CFP Contractors’ Federation. The demonstrations took place at the Thai Oil refinery in Sriracha, Chonburi in October due to unpaid wages from the main contractor consortium between UJV-Samsung, Petrofac, and Saipem, which is facing severe liquidity issues.
Recently, Thai Oil’s management proposed a resolution to this matter to approve an additional budget increase for the CFP, amounting to 63,028 million baht along with interest of 17,922 million baht. The decision is pending for shareholders meeting next year.
Overall, the CFP will now require a total budget of 241,472 million baht, with the project expected to be completed by the third quarter of 2028. Thai Oil plans to claim damages from the main contractor consortium UJV for the setbacks encountered in the project.
4) “JAS” Secures Exclusive “English Premier League” Broadcasting Rights
Jasmine International Public Company Limited (SET: JAS) has announced its exclusive broadcasting rights for the English Premier League across Thailand, Cambodia, and Laos, beginning next season. Under this deal, JAS will have exclusive rights for Premier League streaming, including live broadcasts, replays, and highlights.
This agreement stirs excitement for the industry and the football fans, as JAS successfully acquired broadcasting rights for the “Premier League,” the world’s most popular football league. JAS also partners with the MONO Group—including MONOMAX and MONO29—joining as key strategic partners.
The rights will cover live broadcasts, reruns, and highlights, starting from the Premier League and FA Cup seasons 2025/26, 2026/27, 2027/28, 2028/29, 2029/30, and 2030/31, with the 2025/26 season to start on August 16, 2025. The total license value is worth 559,980,000 USD, or approximately 19,167,723,414 baht.
5) Former Thonburi Healthcare’s Tycoon on the Run
Dr. Boon Vanasin, the previous chairman of Thonburi Healthcare Group Public Company Limited (SET: THG), was once held high as a pandemic hero after saying that he is striking a 20-million-dose Covid vaccine deal with Pfizer and BioNTech, but is now on the run over scam allegation.
Dr. Boon and associated individuals are accused of fraud through loan agreement and investment. These revelations hit home when THG detected dubious transactions involving family-linked companies and a Singapore-registered entity that failed to deliver goods purchased.
Further investigations revealed Dr. Boon’s misleading behavior, accusing him and conspirators of convincing people to invest in phantom healthcare projects. Currently, both his ex-spouse and daughter are under police custody over controversial loan agreements, which they ascribe to implicated signatures forged by Dr. Boon as loan guarantors.
The scandal got more heated, with claims of Vanasin evading the law and now escaped to China with a total of over 7.5 billion baht investment fraud case.
